The Goodwin classical approach

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Chapter 4 in Income Distribution, Growth and Unemployment, 2022, pp 50-62 from Edward Elgar Publishing

Abstract: When the distributive curve, i.e. the relation between income distribution and some indicator of economic activity, is put into contact with the feedback from income distribution to economic activity, a distributive loop is generated. It can be naturally cast into dynamic terms and form the basis of the so-called prey-predator model of Goodwin. It is the first prototype of the so called growth cycle models considered in the book. It is based upon the couple PLM-LML, i.e profit led models with labour market led characteristics, and it has been recast in discrete terms. Its dynamic properties are analyzed, at the same time with its analytical weaknesses, Say's law being the most outstanding.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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